Save Article

Seagate to Cut 2,700 Jobs

Updated June 4, 2004 12:01 a.m. ET

Seagate Technology Inc. will reduce its work force by 7%, or about 2,900 jobs, as the maker of computer hard drives struggles to cut costs as prices for its products fall. The company, incorporated in the Cayman Islands with operations directed from Scotts Valley, Calif., didn't specify what locations or divisions would be affected by the job cuts, though it said it won't affect the introduction of new products expected in the next few weeks. Some of the reductions are expected to be through voluntary severance packages. During an update of its business outlook for the fiscal fourth quarter ending July 2, the company...